The Chairman of one of P&G’s Chinese suppliers, Guangzhou Tinci Materials Technology, has become a billionaire, according to a report published by Forbes.

Xu Jinfu, who co-founded Tinci in 2000, saw his 41.5 percent stake rise to a value of US$1.4 billion on Friday, as shares continue to rise.

Tinci’s shares have more than doubled since the start of the year, thanks to improved prices and growing sales. The company supplies several multinational FMCG manufacturers with lithium-ion batteries materials and solvents, including Beiersdorf.